Mystery buyer pays up to $20m for resort

Rae's on Watego's Beach, Byron Bay.New South Wales (NSW) / HotelTravel Source: Supplied

ICONIC Byron Bay resort Rae's on Wategos - a holiday haven for Hollywood heavyweights, rock stars and billionaire businessmen - has sold for about $20 million, with speculation the mystery buyer could be British tycoon Sir Richard Branson.

The luxury boutique hotel, overlooking exclusive Wategos Beach and neighbouring some of Australia's most expensive mansions, was snapped up today before it was due to go auction.

It is believed to have been sold to an offshore buyer, who negotiated through an Australian representative.

Rae's has been a holiday haunt for the rich and famous including actorsTom Cruise, Meg Ryan, Owen Wilson, Kate Winslet, Harvey Keitel, Gwyneth Paltrow and Russell Crowe; musicians Keith Richards and Lenny Kravitz; supermodel Elle Macpherson and Branson.

The seven-penthouse hotel was established 21 years ago by entrepreneur Vinnie Rae, who said he was selling because it was 'time to move on'.

Some of the crowd at Friday's auction of landmark Byron Bay hotel Rae's on Wategos, which sold for about $20 million. Pic: Greg Stolz

Prior to the auction, Mr Rae said Branson had expressed strong interest in the property.

"I've had discussions with Richard Branson over the last year or two, he loves the place," the hotelier said.

If he has snapped up the property, it would add to Sir Richard Branson's Makepeace Island, his private resort on the Sunshine Coast's Noosa River.

Agents said the sale was subject to a strict confidentiality clause, but property industry sources said the price was thought to be close to $20 million.

The stark white French-inspired resort was built in the 1970s with gardens designed by Salvador Dali. It includes a restaurant and spa and was once rated one of the world's top 25 hotels by prestigious Conde Nast Traveler magazine.

Guests pay between $600 and $1380 a night.

Today's auction was scheduled for 2pm but after 30 minutes of negotiations, auctioneer Andrew Bell, of Ray White Surfers Paradise, announced that the property had sold.

"It's a momentous day," he told the large crowd.

Raes at Wategos, Byron Bay

Colleague Greg Bell said the offer was so good that Mr Rae had no choice but to accept.

"There's still a bit of paperwork but it's a done deal," he said.

A spokesman for Mr Rae said: "Vinnie's thrilled with the result. After 21 years, it's been sold and he can move on."

The spokesman said Mr Rae would pursue other business interests in Spain, Bali and Fiji but would retain a house in Byron.

"He's sad to be leaving Rae's but Byron will always be part of his life," he said.

The sale eclipsed the previous record for a Wategos beach property of $16 million, set in 2006.

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